When can you be debt-free?
Give every pound a job across up to five balances. The planner rolls cleared payments forward automatically and shows the real trade-off between lowest interest and fastest visible wins.
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Debt-free in
2y 5m
January 2029 with a fixed £560 monthly debt budget.
Plan totals
| Starting debt | £13,000 |
|---|---|
| Interest on this plan | £2,812 |
| Interest saved vs current minimum budget | £3,742 |
| Total repaid | £15,812 |
Payoff order
- Credit cardAugust 2028£2,148 interest
- Personal loanJanuary 2029£665 interest
Strategy check
Highest APR first£2,8122y 5m · usually lowest interest
Smallest first£3,8532y 7m · earlier visible wins
What this means
- Keep the £560 budget rollingWhen one balance clears, its old payment moves to the next debt automatically.
- This order minimises interest in the modelThe two strategies differ by £1,041 of modelled interest.
- Protect priority bills firstRent, mortgage, Council Tax, energy and court fines can have more serious consequences than unsecured credit.
Assumes fixed APRs, fixed minimums and no new borrowing or fees. If repayments are unaffordable, contact MoneyHelper for free support.
Method
How this calculation works
Interest accrues monthly at each APR. Minimum payments are made first, then the remaining fixed budget targets either the highest APR or smallest balance. When a debt clears, its payment rolls to the next one. The baseline uses the original minimum-payment budget for comparison.
Rates and assumptions
Every planning assumption is editable in the calculator.
Full Plainly methodology